The unprecedented 2020 pandemic has been extremely difficult on many people and industries, especially those involved in the tourism sector.
Only now with the first vaccines being distributed at the start of 2021 can we see a glimmer of hope for the future. Some of the world’s best corporations have delivered their worst set of financial results in company history and for Resorts World Sentosa this was no different. In June of 2020, they posted their worst ever financial numbers.
They experienced a net loss of just under $120 million as gaming revenues plummeted by nearly 99% to just under $5 million.
Resorts World Sentosa is owned by the Genting Singapore Limited and they announced that their 120-acre resort had their worst ever quarterly showings since they opened in 2010.
Genting Singapore Limited is owned by the massive Genting Malaysia Berhad. Whose financial might is one of the main reasons they are able to get through these unprecedented times, while many other companies are going out of business?
Resorts World Sentosa boasts 7 amazing hotels and all of these had to be completely halted for business and left empty for 3 months to try and stop the spread of this terrible virus.
Genting Singapore Limited made nearly 30% of its workforce unemployed and introduced many cost-saving initiatives to try and improve the productivity and reduce the truly terrible consequences of this global recession.
Tourism has formed the main part of its business in the past and with tourism dropping to ridiculously low levels throughout the world there doesn’t seem to be much hope in the next few months.
The only bright spark in the hope that when most of the world (although more specifically when the rich and financially well off people of the developed countries) are vaccinated against the coronavirus. Tourism is expected to explode in the latter half of 2021 and at the start of 2022. As many people will be eager to go and see the world again after being trapped inside for what will be over a year.
Background of Genting
The Genting Group has been involved in plantations since the 1980s, cruises and energy exploration since the early 1990s, and even biotech research since the turn of the century. But it has always stayed close to its initial business of hotels and resorts. It is also renowned in Malaysia as being one of their best corporations in many different areas, especially in management.
This was the first main reason they were awarded the Sentosa integrated resort project by the Singaporean government in 2006 and after 3 years of construction, the world-class resort was opened to the public. They also have a casino presence in New York USA, Birmingham UK, the Bahamas and hopefully this year in the Mecca of casinos Las Vegas, Nevada.
The attractions at Resorts World Sentosa are truly breath-taking, with theme parks to aquariums to water parks. A whole week wouldn’t be enough to really enjoy all this place has to offer. Universal Studios is definitely one of the most famous attractions as it’s been in Orlando, Florida for many years now. Movies such as Transformers and Shrek and many more are some of the themes the attractions are based on.
Also, the S.E.A Aquarium is frankly jaw-dropping and boasts over 100,000 sea animals. The Adventure cove Waterpark and Dolphin Island, the Trick Eye Museum are also at the resort. With many more attractions to see it’s no wonder, it’s one of Singapore’s most popular attractions.